Search result: 11 articles

x
The search results will be filtered on:
Journal European Journal of Law Reform x Year 2014 x
Article

Collective Action Clauses in the Eurozone

One Step Forward, Two Steps Back

Journal European Journal of Law Reform, Issue 4 2014
Keywords collective action clauses (CACs), sovereign debt restructuring, Eurozone, European Stability Mechanism
Authors Giuseppe Bianco
AbstractAuthor's information

    Amongst the measures taken inside the European Union to tackle the sovereign debt crisis, the focus of the legal scholarship has been mainly on the financial stability mechanisms and the European Central Bank’s action. These initiatives constitute the liquidity assistance part of the response. Arguably, less attention has been devoted to the initiatives intended to face issues of debt sustainability. As regards the course of action to adopt in case a country cannot repay its debt, the European Union opted for collective action clauses (CACs). This paper takes a critical look at the Eurozone CACs. It aims to answer the following research question: Are the adopted CACs an efficient means to achieve their purported objective (i.e. facilitate renegotiations of sovereign bonds between creditors and the sovereign debtor)? To do so, the paper investigates the CACs’ content and their historical bases. It then compares the final version with the initial draft and points to several interesting findings. The paper argues that it is likely that practical results from the use of CACs will be significantly below political leaders’ expectations.


Giuseppe Bianco
PhD Fellow, University of Oslo – Université Paris 1 Panthéon-Sorbonne. He can be reached at giuseppe.bianco@jus.uio.no. The author wishes to thank Régis Bismuth, Annamaria Viterbo, and Michael Waibel. Any errors and omissions are the sole responsibility of the author.
Article

Beyond Financialisation?

Transformative Strategies for More Sustainable Financial Markets in the European Union

Journal European Journal of Law Reform, Issue 4 2014
Keywords financialisation, financial market integration, financial reform, financial innovation, financial crisis
Authors Dieter Pesendorfer
AbstractAuthor's information

    The global financial crisis has led many regulators and lawmakers to a rethinking about current versus optimum financial market structures and activities that include a variety and even radical ideas about deleveraging and downsizing finance. This paper focuses on the flaws and shortcomings of regulatory reforms of finance and on the necessity of and scope for more radical transformative strategies. With ‘crisis economics’ back, the most developed countries, including the EU member states, are still on the edge of disaster and confronted with systemic risk. Changes in financial regulation adopted in the aftermath of the financial meltdown have not been radical enough to transform the overall system of finance-driven capitalism towards a more sustainable system with a more embedded finance. The paper discusses financialisation in order to understand the development trends in finance over the past decades and examines various theories to describe the typical trends and patterns in financial regulation. By focusing on a limited number of regulatory reforms in the European Union, the limitations of current reforms and the need for additional transformative strategies necessary to overcome the finance-driven accumulation regime are explored. Finally, the regulatory space for such transformative strategies and for taming finance in times of crisis, austerity, and increased public protest potential is analysed.


Dieter Pesendorfer
Queen’s University Belfast, School of Law, d.pesendorfer@qub.ac.uk.
Article

EU Corporate Governance

The Ongoing Challenges of the ‘Institutional Investor Activism’ Conundrum

Journal European Journal of Law Reform, Issue 4 2014
Keywords EU corporate governance, institutional investors, stewardship, shareholders, asset managers
Authors Konstantinos Sergakis
AbstractAuthor's information

    Institutional investor activism seems to be the ultimate means for steady improvement in corporate governance standards, as well as a powerful tool for refocusing short-term strategies towards more sustainable and viable business projects. Although EU institutions have endeavoured over the past decade to facilitate the exercise of a wide range of shareholder rights, the impact of such regulatory initiatives remains to be seen. This paper challenges the current EU regulatory approach by supporting the idea that, while it has touched upon important topics, such as companies or financial intermediaries, hoping that the investor community will make full use of its discretion and evaluation of these actors, it has avoided resolving another crucial issue, namely, that of investor behaviour. In fact, institutional investors have been partially accused of apathy and contributing indirectly to the EU capital markets crisis. EU law thus needs to find new ways to nurture and maintain an effective willingness to engage in long-term dialogue with companies. It is therefore crucial to reassess all EU initiatives and critically challenge their efficiency in order to propose a way forward to unblock institutional investor activism and establish a veritable alignment of objectives with corporate managers.


Konstantinos Sergakis
Lecturer in Law, University of Bristol. The author is very grateful to Professor Charlotte Villiers for her valuable comments at the early stages of this article. The usual disclaimer applies.
Article

“What Does He Think This Is? The Court of Human Rights or the United Nations?”

(Plain) Language in the Written Memories of Arbitral Proceedings: A Cross-Cultural Case Study

Journal European Journal of Law Reform, Issue 3 2014
Keywords arbitration, legal language, plain language, specialised discourse, corpus linguistics
Authors Stefania Maria Maci
AbstractAuthor's information

    Arbitration as an alternative dispute resolution (ADR) is an extra-judicial process resolved privately outside an ordinary court of justice. As such, the award has the same legal effects as a judgment pronounced by a court judge. Arbitration can be preceded by a pre-trial process in which arbitrators try to reach a conciliation agreement between the parties. If an agreement is not reached, the arbitration process begins with the gathering of the parties’ memories. In both oral and written evidence, language is used argumentatively, and above all persuasively, by all sides or parties involved.
    Extensive studies in arbitration have been carried out from the viewpoint of law. From an applied linguistics angle, the study of interaction in legal contexts has recently been carried out with particular regard to witness testimony and cross-examination in international commercial arbitration within the processes of arbitral hearings and the writing of minutes.
    To the best of my knowledge, to date there has never been an investigation on plain language in arbitral memories across national and professional cultures. Therefore, by carrying out a comparative analysis of the written evidence presented in two arbitral processes, this paper tries to evaluate the degree of influence that different legal cultures may exert on the type of language used in written arbitration evidence. The main objective is to offer insights into some instances of arbitration proceedings and their development within their British and Italian contexts.


Stefania Maria Maci
Stefania M. Maci is Aggregate Professor of English Language and Translation at the University of Bergamo, where she teaches English linguistic courses at graduate and undergraduate level. She is member of CERLIS (Research Centre on Specialized Languages), CLAVIER (The Corpus and Language Variation in English Research Group), BAAL (British Association of Applied Linguistics), and AIA (Associazione Italiana di Anglistica).
Article

Plain, Clear, and Something More?

Criteria for Communication in Legal Language

Journal European Journal of Law Reform, Issue 3 2014
Keywords plain language, legislative drafting, definition, mediation, ignorance of the law
Authors Derek Roebuck
AbstractAuthor's information

    Legislation may be presumed to be intended to transmit a message to those whose conduct it aims to affect. That message achieves its purpose only insofar as it is intelligible to its recipients. Drafters should make every effort to use plain language, but not all meaning can be transferred in plain language. The true criterion is clarity.
    ‘Mediation’ and ‘conciliation’ are examples of definitions created by legislators which do not correspond with categories in practice. Historical research illuminates cultural differences which affect transmission of meaning. Recent practice also illustrates the possibilities of creative methods for resolving disputes and the dangers of unnecessary prescription.
    Imprecise thinking of legislators precludes transmission of precise meaning, as does preference for word-for-word translation. ‘Highest Common Factor’ language is no substitute for natural target language.
    No efforts of legislators or translators can prevail against political power. ‘Ignorance of the law is no excuse’ overrides the imperative to transfer meaning.
    If research is to be effective, it must be not only comparative but interdisciplinary.


Derek Roebuck
Professor Derek Roebuck, Senior Associate Research Fellow, Institute of Advanced Legal Studies, University of London.
Article

Making EU Legislation Clearer

Journal European Journal of Law Reform, Issue 3 2014
Keywords European Union, transparency, openness, clarity of legislation
Authors William Robinson
AbstractAuthor's information

    This article looks at the clarity of the legislation of the European Union (EU), in particular the clarity of the language used. It sketches out the basic EU rules on transparency and openness, past expressions of concern for clearer EU legislation, and the response of the institutions. Finally, it considers briefly some ways to make EU legislation clearer.


William Robinson
Associate Research Fellow at the Institute of Advanced Legal Studies, University of London, formerly coordinator in the Quality of Legislation Team of the European Commission Legal Service.
Article

Human Rights in Islamic Law, Specifically the Guarantee of Procedural Justice

Journal European Journal of Law Reform, Issue 2 2014
Keywords Islamic law, procedural justice, human rights, rules of evidence, Cairo Declaration of Human Rights
Authors Mohamed Y. Mattar
AbstractAuthor's information

    International law guarantees several fundamental principles of procedural justice, such as presumption of innocence, the right against self-incrimination, the right to be tried without undue delay, the right to examine witnesses, and the right to legal assistance. In this article I examine whether Islamic law guarantees similar procedural protections and demonstrate how Islamic law provides for basic human rights as well as general principles that may serve as guidelines in procedural justice. These include the principle of non-retroactivity, the principle of personal accountability, the principle of no crime or punishment without law, the right to be presumed innocent until proven guilty, and the right to defence. The article also identifies rules of evidence provided by Islamic law which are designed to protect the accused.


Mohamed Y. Mattar
Mohamed Y. Mattar is a Senior Research Professor of International Law and the Executive Director of The Protection Project at The Johns Hopkins University School of Advanced International Studies (SAIS).
Article

The Manifestation of Religious Belief Through Dress

Human Rights and Constitutional Issues

Journal European Journal of Law Reform, Issue 2 2014
Keywords religion, religious freedom, burqa, hijab, Muslim
Authors Anthony Gray
AbstractAuthor's information

    Jurisdictions around the world continue to grapple with the clash between religious freedoms and other freedoms and values to which a society subscribes. A recent, and current, debate concerns the extent to which a person is free to wear items of clothing often thought to be symbolic of the Muslim faith, though the issues are not confined to any particular religion. Bans on the wearing of this type of clothing have often (surprisingly) survived human rights challenges, on the basis that governments had legitimate objectives in banning or restricting them. A pending case gives the European Court another chance to reconsider the issues. It is hoped that the Court will closely scrutinise claims of legitimate objectives for such laws; perceptions can arise that sometimes, governments are pandering to racism, intolerance and xenophobia with such measures, rather than seeking to meet more high-minded objectives.


Anthony Gray
Professor of Law, University of Southern Queensland, Australia.

    Under the Kafala system, which applies in all Arab countries, migrant workers must attain a work entry visa and residential permit, which is possible only if they are working for a domestic institution or corporation or a citizen of the respective country. Each and every employer is required, based on the Kafala system, to adopt all legal and economic responsibilities for all of the employer's workers during their contractual period. By giving wide-ranging powers and responsibilities unilaterally to employers, the Kafala system subjects workers to abysmal and exploitative working conditions, violence, and human rights abuses. Some of these problems have recently made headlines in the United States and in Europe in connection with the campus being built by New York University in Abu Dhabi. While NYU imposed a code of labor standards on its direct contractual partners, it claimed to have no means of controlling subcontractors. Nor did NYU try very hard, it seems, to verify compliance even by its direct contractual partners.
    Migrant workers make up at least 30 percent of the population of Saudi Arabia and 49 percent of Saudi Arabia's entire workforce. Employers control Saudi Arabia's Kafala system, in which migrant workers are the weakest link. Studies and international organizations report that foreigners employed in Saudi Arabia have returned home with many complaints. In 2006, Saudi Arabia re-examined all laws including its labor law. This re-examination resulted in abolishing some terms used in labor law, such as the kafala system, but the system remains as is. The new labor law includes many positive changes, but not enough according to the assessment of local and international scholars and observers. In this paper, I will reveal laws, practices and patterns that essentially cause the vulnerability of migrant workers, and I will suggest effective alternative strategies. This paper should contribute to our growing understanding of issues of concern for migrant workers in Saudi Arabia and other Arab countries and help to develop specific and necessary legal and institutional responses.


Majed M. Alzahrani
LL.M, Indiana University, Robert H. McKinney School of Law. The author would like to thank Professor Frank Emmert for advice and guidance in the production of this article.

    Much attention has already been paid to the relationship between European (family) law and law from Muslim majority countries in studies of private international law or of comparative law, often discussing family law institutions such as polygamy or repudiation. Among those institutions, there is one that has largely been neglected: kafala, a form of guardianship that is specific to Islamic law.
    The reception of this institution in the Member States raises several questions, such as its consequences in terms of legal parentage or its conformity with the best interest of the child or with public order. However, this contribution focuses on the migration angle since some difficulties may appear after this particular guardianship was pronounced abroad when the question of the entrance and the stay of the child with their guardians in a Member State arises.
    The research consists of determining whether some EU or international instruments could grant the guardians a right to request that ‘their’ child lives with them in their country and examines whether such a right is always desirable and justifiable. Taking France as an example, the author asks the following question: does not France, as a Member State of the European Union, have to ensure under European law and international obligations that the child and the couple will be able to live together on its territory?


Julie Malingreau
Julie Malingreau is a PhD candidate at the University of Utrecht, and holds an LLM in European Private Law at the University of Amsterdam, as well as a Master Degree in Law in Belgium. She currently works as a lawyer in Amsterdam, assisting with commercial contracts. Her areas of interest include national/European/International family law, Islamic law, Alternative Dispute Resolutions, private international law, human rights, intellectual property and labour law.
Article

Judicial Case Management and the Complexities of Competing Norms Occasioned by Law Reforms

The Experience in Respect of Criminal Proceedings in Botswana

Journal European Journal of Law Reform, Issue 1 2014
Keywords case management, Botswana, criminal proceedings, law reform, subpoena
Authors Rowland J.V. Cole
AbstractAuthor's information

    The Botswana judicial and legal system has undergone a wave of reforms over the past few years. These reforms include judicial case management, which was introduced to reduce unnecessary delays and backlog in the hearing of cases. The introduction of judicial case management necessitates a revision of the rules of court. While the rules of the courts principally relate to civil proceedings, criminal proceedings are principally regulated by the Criminal Procedure and Evidence Act. However, the revised rules of court contain provisions that seek to bring criminal proceedings in line with judicial case management. A number of these provisions are inconsistent with the Criminal Procedure and Evidence Act. This presents problems for the implementation of these rules as the Criminal Procedure and Evidence Act is superior to the rules in the hierarchy of laws. Consequently, the implementation of judicial case management in criminal proceedings may prove to be an arduous task, and urgent harmonisation of the competing provisions is required.


Rowland J.V. Cole
LLB (Hons) (Sierra Leone), LLM (UNISA), LLD (Stell), Senior Lecturer, Department of Law, University of Botswana.
Showing all 11 results
You can search full text for articles by entering your search term in the search field. If you click the search button the search results will be shown on a fresh page where the search results can be narrowed down by category or year.